German compliance company Qualifyze has secured $12m in a financing round to improve supply chain compliance in the pharmaceutical sector using technological and audit data.
The funding round saw participation from current investors HV Capital and Rheingau Founders. New investors HarbourVest Partners and H14 also took part.
The company plans to expedite its transformation into an end-to-end supply chain compliance data platform.
Established in 2019, Qualifyze offers supply chain compliance assessments to pharmaceutical companies.
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The proceeds will aid the company in improving its cloud-based audit data and application platform that links auditors, customers and suppliers. These solutions enable tracking, observation and adherence to quality and sustainability compliance in the pharmaceutical industry.
Qualifyze’s supplier intelligence suite offers supplier compliance level statistics and audit data to pharmaceutical firms. This helps forecast trends and create compliance risk mitigation approaches.
The company also intends to use the additional funds to expand its footprint in existing and new markets geographically.
Qualifyze CEO and founder Dr David Schneider stated: “Qualifyze is creating a new category of compliance data, which will allow our clients to make more informed decisions to increase drug safety for their patients and to better allocate investments into supply chain compliance, even beyond GxP [good practice].
“This funding will help us accelerate our mission to transform supply chain compliance in healthcare in a sustainable, data-driven manner.”